London Stock Exchange-listed mining and exploration junior, Kavango Resources, which has gold projects in Zimbabwe, has made a significant financial breakthrough by securing £10 million (US$13 million) as part of an expanded strategic financing package, Mining Zimbabwe reports.
By Rudairo Mapuranga
Operating through its Zimbabwean subsidiary, Kavango Zimbabwe, established in July 2023, the company is targeting several historic high-grade gold mines in the Matabeleland region, with a focus on economically viable bulk mining.
Kavango’s Chief Executive Officer, Ben Turney, confirmed that substantial funding has been secured to launch the Hillside Gold Project in 2025.
“We have completed the first phase of exploration and believe we have identified two potential gold mines. One of these is an underground, high-grade opportunity that we hope to mine using a spiral decline.
“Spiral declines are a modern form of mining developed in Australia over the last 25 years. They enable bulk mining of underground lode gold systems. This is a relatively new approach in Zimbabwe, which we hope to pioneer.
“We have built a very strong exploration and mining team in Bulawayo. We look forward to what they can achieve next year,” he said.
Kavango also aims to use a prospectus to list its shares on the Victoria Falls Stock Exchange, signaling its intent to broaden market exposure.
Earlier this month, Kavango announced the discovery of substantial tungsten and other strategic elements at its Hillside Project. These findings emerged from the initial phase of Inductively Coupled Plasma (ICP) testing on core samples from the site.
With its newly secured financial package, Kavango is poised for a promising 2025 as it seeks to introduce modern mining practices to its Hillside Gold Project. If successful, this initiative promises to be a pioneering milestone in the development of Zimbabwe’s extensive goldfields.